• Saturday, June 22, 2024
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BusinessDay

Cross River secures $3.5bn to construct Bakassi seaport

Cross River records 43% revenue increase to N36bn

Cross River State Government said it had secured $3.5 billion in funding from the African Export-Import Bank (Afreximbank), the Pan-African multilateral financial institution, to begin the construction of Bakassi Deep Seaport.

Bassey Otu, state governor, said in his X handle that the funding was signed in Cairo, Egypt, during a recent workshop.

According to the governor, the funding will be used for some of its key infrastructure projects in the state.

The workshops held during the visit culminated in the signing of a project preparation facility for the development of a deep seaport estimated to cost $3.5 billion.

“This is a world-class partnership that will result in positioning Cross River State economically,” Otu said.

Governor Otu, who expressed excitement about the collaboration with Afreximbank, said the project is important in driving economic growth and development in the State, highlighting the potential for attracting foreign investment and stimulating economic growth.

At the visit to Afreximbank, Otu also had extensive Government-to-Business (G2B) meetings with tier 1 companies, including Orascom Construction, Elsewedy Electric, and Hassan Allam Holdings.

One of the highlights of Governor Otu’s engagement in Cairo was the signing of the Project Preparation Facility Agreement and Financial Advisory Agreement with Afreximbank for two major projects in Cross River – the Bakassi Deep Seaport and 217km Superhighway integrated Project, as well as the Obudu Cattle Ranch and Mountain Resort project.
BusinessDay reports that the Cross River State Government started in 2021 to solicit investors’ backing to aid the development of the proposed Bakassi Integrated Deep Seaport, which would be situated on a perimeter area of about 36,000 hectares under a Public Private Partnership (PPP) arrangement.

When completed, the port project will help decentralise port business in Nigeria and bring it closer to businesses in the South-South, Eastern and Northern regions. Port business is currently heavily concentrated in Lagos, leading to congestion in the already-stretched commercial city.